If you already have an EXISTING Self Managed Superfund, ESUPERFUND can attend to the annual compliance obligations for the Fund. The process to transition an EXISTING SMSF to ESUPERFUND is detailed below.
Step 1: Complete our online application form
Visit our online application form, agree to our terms and submit your application over the internet.
Step 2: Application approved by ESUPERFUND
All current and future Investments made by your SMSF must be allowed investments under the ESUPERFUND Platform which are detailed here. On submitting your online application ESUPERFUND will review your current SMSF Investments (which are requested to be provided in the online application). If the investments are Allowable Investments under the ESUPERFUND Platform your application will be accepted. Alternatively if the investments are NOT allowable Investments under the ESUPERFUND Platform then unfortunately your application will be rejected and you will be notified of same.
Step 3: Tranistion of your SMSF to ESUPERFUND on approval of your Online Application
On approving your Online Application, ESUPERFUND will forward to you all documentation necessary to transition your Existing SMSF to ESUPERFUND. Unlike other SMSF administrators we do not require you to complete any application forms yourself. The documentation provided must be signed and returned to our office.
Step 4: Upgrade Trust Deed
When you become a client of ESUPERFUND an Updated Trust Deed is provided to you. ESUPERFUND requires that all clients use the same Trust Deed to ensure that your Fund has a complying Deed in the event of an ATO audit.
Step 5: Transition to an ANZ V2 Account as your SMSF Transaction Bank Account
When you become a client of ESUPERFUND you are required to establish an ANZ V2 Plus Bank Account to act as the Transaction Bank Account (eg to receive super contributions and pay Fund expenses) for your SMSF. All Existing Transaction Accounts held by your SMSF must be closed by you and the proceeds transferred to the ANZ V2 Plus Bank Account. The ANZ V2 Plus Account must be used as your Fund's Bank Account in order to provide our services at a fee significantly below the market. Please note that you are permitted to have Term Deposit and Online Savings Accounts with Other Banks in addition to the ANZ V2 Transaction Bank Account. For more on the SMSF Bank Accounts click here.
Step 6: Transition to Comsec as your SMSF Trading Account
When you become a client of ESUPERFUND you are required to establish a Comsec Trading Account . This means that the Fund's existing Share Trading Account must be closed and the Comsec Account established and used. If you currently have a Comsec Account a New Comsec Account will need to be established. Documentation to establish a SMSF Trading Account is included with the documentation forwarded to you when you submit your online application. Your SMSF must have a Trading Account to buy and sell Shares. The Comsec Account must be used as your Fund's Trading Account in order to provide our services at a fee significantly below the market. For more on the Comsec Account click here. Please also note the brokerage payable on trades with Comsec detailed here.
Step 7: Confirmation of Transition to ESUPERFUND
Once we have transitioned your SMSF, a Setup Package will be forwarded to you. The Setup Package will include:
> Confirmation ESUPERFUND has been appointed as the Tax Agent for your Fund
> Your ANZ V2 Plus Account Number and Internet Login Details
> Your Comsec Trading Account Number and Internet Login Details
Step 8: Close all Existing Transaction Accounts
Once you have received documentation confirming you have been transitioned to ESUPERFUND including the Fund's ANZ V2 Plus details you will need to immediately close all other Fund Transaction accounts and transfer the proceeds to the ANZ V2 Plus Account. Transferring Shares to the new Comsec Trading Account will be handled by ESUPERFUND.
Step 9: Investing your Super once transitioned to ESUPERFUND Once transitioned to ESUPERFUND all future Investments for your EXISTING SMSF must be permitted under the ESUPERFUND Platform. For more on the Investments Allowed under the ESUPERFUND Platform click here.
Step 10: 2009 Compliance Obligations Given that your Fund is being transitioned in the 2010 financial year, ESUPERFUND is UNABLE to prepare the 2009 compliance documentation for your Fund including tax return, audit and financial statements. The 2009 compliance requirements for your Fund will need to be prepared by your current accountant.
Step 11: 2010 Compliance Obligations ESUPERFUND will attend to all compliance obligations for your EXISTING SMSF for the 2010 financial year and all future years including tax return, audit and financial statements. A checklist will be provided to you each July requesting details from you to attend to the annual compliance requirements for your SMSF.
APPLY to transition your EXISTING SMSF to ESUPERFUND Today If you want to appoint ESUPERFUND to act for your EXISTING SMSF simply SUBMIT an Online Application here.
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